ZURICH (dpa-AFX) - Swiss financial services giant UBS AG (UBS) Monday said its second-quarter attributable profit surged to 1.209 billion Swiss francs from 792 million Swiss francs in the prior year.
Earnings per share were 0.32 franc, compared to 0.21 franc in the prior year.
Adjusted profit before tax totaled 1.6 billion francs, with positive contributions from all divisions and regions, despite continued market and economic uncertainty.
Total operating income improved 9 percent to 7.818 billion francs from 7.147 francs.
Sergio Ermotti, Group CEO, said, 'I am pleased with the quarter. We maintained our momentum despite ongoing market challenges, and establishing UBS Switzerland AG was another major milestone in enhancing resolvability. We remain focused on building on our early mover advantage with a clear strategy, while increasing effectiveness and efficiency, and further investing for profitable growth.'
Looking ahead, the company said seasonal impacts are likely to affect revenues and profits in the third quarter. In addition, many of the underlying macroeconomic challenges and geopolitical issues remain and are unlikely to be resolved in the foreseeable future.
Further, the company said that in the third quarter, UBS will establish a Group service company as a subsidiary of UBS Group AG, into which shared services and support functions of the Group will be transferred over the next several years.
Copyright RTT News/dpa-AFX